Anchorage Capital CLO 13 Ltd./Anchorage Capital CLO 13 LLC Notes Assigned Ratings

  • Anchorage Capital CLO 13 Ltd.'s issuance is a CLO transaction backed by primarily broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests.
  • We assigned our ratings to the class B, C, D, and E notes.
  • The ratings reflect our view of the transaction's credit enhancement and legal structures, among other things.
 
NEW YORK (S&P Global Ratings) March 14, 2019--S&P Global Ratings today 
assigned its ratings to Anchorage Capital CLO 13 Ltd./Anchorage Capital CLO 13 
LLC's floating-rate notes (see list).

The note issuance is a CLO transaction backed by primarily broadly syndicated 
speculative-grade (rated 'BB+' and lower) senior secured term loans that are 
governed by collateral quality tests.

The ratings reflect:
  • The diversified collateral pool.
  • The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization.
  • The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading.
  • The transaction's legal structure, which is expected to be bankruptcy remote.